I am purchasing a new build flat in Southwark. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Southwark you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Southwark.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Southwark?
Two types of professional can perform conveyancing in Southwark namely licenced conveyancers or solicitors. The two can administer the legal services that required to complete the sale or acquisition of property. They are both obliged to perform Southwark conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be properly administered and that the necessary steps will be suitably attended to.
When it comes to lenders such as Nottingham, do Southwark conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Lloyds have agreed my home loan in principle, my bid on a property in Southwark has been agreed to, now what?
Your property agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Call up Lloyds or your broker and complete any appropriate paperwork. Lloyds will instruct a valuer who will get in contact with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Lloyds will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Southwark.
How does conveyancing in Southwark differ for new build properties?
Most buyers of new build premises in Southwark contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Southwark usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southwark or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Southwark I like with a park and station nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Southwark in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
What does commercial conveyancing in Southwark cover?
Commercial conveyancing in Southwark incorporates a wide array of services, given by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.